Ghana Set to Launch Major Gold Mine, Sparking Industry Revival

Ghana will commission its first large-scale greenfield mine in over a decade in November, spearheaded by Cardinal Resources. Expected to produce 350,000 ounces annually, the project is part of efforts to revive the mining sector and address the economic downturn. Additional mine projects are slated for 2026.

Ghana is preparing to commission its first large-scale greenfield mine in more than a decade this November, marking a significant milestone in the nation's mining sector. The Cardinal Namdini mine, managed by Cardinal Resources, a subsidiary of Shandong Gold, is expected to produce over 350,000 ounces of gold annually.

Martin Ayisi, CEO of the Minerals Commission, highlighted the upcoming launch of three additional mines by 2026, including a significant lithium project. These developments aim to rejuvenate Ghana's mining industry amidst an economic downturn, a result of declining gold exploration over the past ten years.

Ayisi also emphasized the importance of creating a more inviting economic environment by lowering exploration taxes, potentially propelling Ghana to the forefront of the global mining sector. Gold production in Ghana reached 2.5 million ounces by July this year, with 42% attributed to small-scale and artisanal miners.

(With inputs from agencies.)